Key Points
- Toncoin has surpassed Ethereum in terms of daily active addresses since June.
- Toncoin’s weighted sentiment has turned positive for the first time this month.
Toncoin, the blockchain network associated with the popular messaging app Telegram, has seen higher demand than the top Layer 1 blockchain, Ethereum, since the start of June.
Data from on-chain data provider Artemis indicates that Toncoin has had more unique addresses complete at least one transaction than Ethereum for ten out of the last 12 days.
Toncoin’s Rising Popularity
On June 3rd, Toncoin’s daily unique addresses count hit a year-to-date high of 568,300, outdoing Ethereum’s 351,400 by 62%.
This has led to a significant difference in the daily count of unique interactions on both networks. According to Artemis, Toncoin has recorded more daily transactions than Ethereum every day since March 12th.
On May 17th, Toncoin’s daily transactions count reached a year-to-date high of 9 million, while Ethereum had 1.1 million unique transactions.
Research firm Delphi Digital has termed this as the “flippening” and attributes the surge in Toncoin’s daily user activity over Ethereum to Telegram’s 900M user base.
Toncoin’s Profitability
At the time of writing, TON was trading at $7.65. After hitting a two-month low of $6.76 on June 11th, the token’s price bounced back and has since risen by 11%.
TON has seen substantial trading activity in the past 24 hours. As per CoinMarketCap, the altcoin’s trading volume during the period has surged by over 100%, totaling $491 million.
The 9% price increase in the last 24 hours has led many of TON’s holders to record profits.
The altcoin’s daily ratio of transaction volume in profit to loss was 14.22 at press time, the highest level since February. This implies that for every TON transaction that resulted in a loss, 14.22 transactions yielded a profit.
Furthermore, data from Santiment reveals that the token’s weighted sentiment was positive at press time. This is the first time TON has recorded a positive weighted sentiment since the start of June.
At the time of writing, the altcoin’s weighted sentiment was 0.75, indicating that the discussions around TON on social media platforms are mostly positive.
